Greystone Provides $9 Million HUD Loan to Refinance Texas Affordable Housing Properties
July 3, 2014
Greystone announced it provided $8,994,500 in HUD financing for two multifamily affordable housing properties in the greater Houston, TX region. The transactions were originated by John Williams, a senior mortgage originator at the firm.
Lexington Square, an 80-unit Section 8 property in Angleton, TX, located approximately 50 miles south of Houston, was refinanced with 30-year HUD 223(f) loan terms. Countryside Village, a 182-unit Section 8 property in Humble, TX, located approximately 20 miles north of Houston, was refinanced with 35-year HUD 223(f) loan terms. National Community Renaissance (CORE) is one of the nation’s largest non-profit affordable housing developers with over 75 properties nationwide, spanning Arkansas, California, Florida and Texas. The organization provides a range of critical social services as part of economic transformation efforts in some of the most challenged U.S. communities.
“We are thrilled that Greystone has enabled CORE to fulfill our ongoing mission of revitalizing communities and improving the self-sufficiency of our residents,” said Steve PonTell, CEO, CORE. “Their expertise in financing affordable housing properties and navigating the HUD lending process not only benefits CORE, but the thousands of residents who rely on our ability to provide social services such as youth development and financial literacy,” he added.
“Greystone thrives on fostering relationships with clients like CORE, who exemplify what affordable housing can do for its residents,” said Betsy Vartanian, head of FHA lending at Greystone. “We are glad we can provide financing to help benefit the property and its residents for many years to come,” she added.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.